Republican presidential candidate, Donald Trump‘s tax return for 1995 revealed that the business mogul declared a 916 million dollar loss, allowing him a tax deduction so steep that he could have legally obviated paying federal taxes for up to 18 years, the New York Times reported.
The massive losses reported to the tax authorities in the 1995 tax return are from the poor investments of Mr Trump, from a failed airline venture, the purchase of The Plaza Hotel in New York City, and “mismanagement” of 3 Atlantic City casinos.
The New York Times enlisted tax experts that assessed:
“tax rules especially advantageous to wealthy filers would have allowed Mr. Trump to use his $916 million loss to cancel out an equivalent amount of taxable income over an 18-year period.Although Mr. Trump’s taxable income in subsequent years is as yet unknown, a $916 million loss in 1995 would have been large enough to wipe out more than $50 million a year in taxable income over 18 years.”
The New York Times reported further income earned from Mr Trump’s appearances on The Apprentice, quoted as between $50,000 – $100,000 per episode, and estimated $45 million income from assuming CEO or chairman position of the company formed to acquire the 3 unsuccessful Atlantic City casinos. The other investors in that company experienced a loss in value of the shares from $35.50 to 17 cents. On top of all of this, what The NY Times described as “scores”, possibly 60 or more, contractors which worked on the casinos went without payment.
The Republican presidential candidate’s team released a statement neither denying or confirming the benefits possible from the 1995 tax return and it’s declared losses:
“Mr. Trump is a highly-skilled businessman who has a fiduciary responsibility to his business, his family and his employees to pay no more tax than legally required,” the statement said. “That being said, Mr. Trump has paid hundreds of millions of dollars in property taxes, sales and excise taxes, real estate taxes, city taxes, state taxes, employee taxes and federal taxes. Mr. Trump knows the tax code far better than anyone who has ever run for President and he is the only one that knows how to fix it”.
Every Republican presidential candidate since Ronald Reagan has released their tax returns. Donald Trump has refused.